Keppel REIT (SGX:S2FU) has been awarded the Assisted Compliance Assurance Programme (ACAP) Premium status by the Inland Revenue Authority of Singapore (IRAS). The award is given out to companies that has adequately demonstrated a long term commitment in establishing a good tax infrastructure and incorporating Goods and Services Tax risk management as part of good corporate governance.
|Keppel REIT has demonstrated a long term commitment in establishing a good tax infrastructure.
The ACAP is an initiative introduced by IRAS to facilitate GST registered businesses to better manage their GST risks, as well as to allow companies to enjoy a less complex compliance process when it comes to GST accounting and reporting. The underlying premise is that good internal controls translate to lower risks of incorrect GST returns and ultimately leads to lower compliance costs for businesses.
Following the 12-months preparation and assessment period, Keppel REIT was awarded the ACAP Premium status from the period of 5 years from 1 April 2013 to 31 March 2018. The ACAP Premium status is the higher of the two statuses awarded by the IRAS and allows Keppel REIT to benefit for five years of step-down in IRAS-GST compliance activities, faster GST refunds, and a dedicated team from IRAS to handle GST rulings and issues.
Going forward, the Manager is committed to maintaining the ACAP Premium status though continuous assessment of GST risks, as well as regularly review and improve risk management processes that support good corporate governance.
Units of Keppel REIT have closed flat for the trading day at S$1.41 on the SGX.